Todays seesaw action in the end turned up a slightly negative session. Volume was tame easing the pain. Leaders such as AAPL AMZN BIDU NFLX performed admirably. Earning after the close from NKE and TIBX have both stocks registering nice after market gains. Economic news on the day was different with jobless claims coming in higher than expected but existing home sales were higher than forecasts.
Stocks and areas to focus on them are as follows. Stocks that can be bought as they trade to their 50 day MAs are: CPX @19, ADTN @32, CHRW @65, UNP @76, RADS @16, RES @18. XEC can be bought at its 200 day MA @64. Tight stops on all purchases as always.
Two stocks to keep on the watchlist. Both developing cup with handle buy points. Wait til the buy points are taken on on big volume. Dont try to get in early. Let the move confirm itself. HOT @54.35 and DOV @52.08.
American steel stocks continued to take the recent beatings they been given. NUE, X both well under their 200 day are now firmly below there 50 day as well. Put in a sell stop, to short, on FDX @81.75.
Sold AN today right back where we bought it at 23. Took a push. Didnt like the chart action.
Good luck.
The author owns FCX, AMT, AKAM, WLL, EXXI. Short JKS AVGO
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